BlackRock cools on iron ore outlook
The world's biggest mining investor has clearly signalled where it believes the iron ore price is headed, selling off a healthy portion of its iron ore exposure in recent days, according to the Sydney Morning Herald.
Funds manager BlackRock sold down close to $60 million worth of shares in iron ore stocks last Thursday, in a series of transactions that coincided with iron ore suffering its biggest price fall since June.
Australian pure-play iron ore miners Fortescue Metals and Atlas Iron were the main targets, while smaller parcels of shares in Rio Tinto and Brazilian miner Vale were also sold down.
BlackRock sold 10.8 million Fortescue shares – more than 10% of its stake in the miner – for close to $40 million.
RATCH confirms bid interest in Macquarie Generation
Thai-controlled power producer RATCH-Australia has confirmed it has submitted an expression of interest for Macquarie Generation, joining AGL Energy and ERM Power as potential bidders for the huge NSW electricity generator, according to the Australian Financial Review.
RATCH is working with a partner on its potential bid, which could involve both the Macquarie power plants, said Geoffrey Dutton, executive general manager of business development at RATCH, owned partly by Transfield Services.
“We’re keen to participate in all of MacGen,” Dutton said, declining to name the partner.
The deadline for expressions of interest in MacGen, the biggest asset up for sale in the current phase of the NSW government’s electricity privatisation, was 10am yesterday.
Ore, coal to keep Aurizon profits on track
Minerals rail carrier Aurizon expects further growth in Western Australian iron ore and its core market, Queensland coal, to underpin profits this year following a 16% gain in 2012-13, according to The Australian.
Aurizon yesterday filed an underlying net profit of $487 million for the year to June 30, up from $420 million last year, but payments of $96 million for a voluntary redundancy program cut the statutory profit back to $447 million, which was a rise of 1%.
